The payments sector is evolving as the industry contends with the emergence of real-time payment rails, cryptocurrencies, and modern messaging technologies.
Financial institutions need a common approach to support payment innovation with a shift occurring to central platforms that can support multiple payment types rather than siloed engines. The demand for instant payments is growing from both a consumer and business perspective, with settlement expected to occur in real-time.
Payments is the key to unlocking new value-add services for banks, and they require a payments hub platform that provides interoperability whilst enabling new differentiating services. Banks need to understand the capabilities and limitations of various payment hubs to implement the correct strategic approach. Omdia Universe: Selecting a Payment Hub, 2021–22 will help C-level executives, payment heads, and IT directors select the payment hub platform that provides the capabilities they require to enable their payment transformation ambitions.
The Omdia Universe report is not intended to advocate an individual vendor but rather to guide and inform the selection process to ensure all relevant options are considered and evaluated in an efficient manner. As the payment hubs market is largely driven by large tier domestic/multinational universal banks, the report findings gravitate towards the likely requirements of these institutions, although consideration of platforms to address needs and deployment options of mid- to small-tier banks is also evaluated.
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